Last updated time: 14 March 2023, 08:13 IST
GAIL (India) Limited, a Maharatna CPSE under the Ministry of Petroleum and Natural Gas, has approved an interim dividend of Rs 4 per share for the financial year 2022-23.
“The board of directors, in its meeting held today, approved the payment of interim dividend of 40 per cent (Rs 4 per share) on the paid-up share capital for the financial year 2022-23,” the company said. in the file.
GAIL said the interim dividend will be paid with reference to the record date.
The record date for this was March 21, 2023. In the current financial year, the company issued its first dividend in August 2022. At that time, the company had declared a final dividend of 10 percent, i.e. Re 1 per share.
The total dividend payment is Rs 2,630 crore, the company said in a statement after the board of directors approved the payment of the interim dividend.
Sandeep Kumar Gupta, chairman and managing director of GAIL, said the company is providing shareholders with consistent long-term returns on their investments.
The Indian government, which holds a 51.52 percent stake in the company, will receive a dividend of Rs 1,355 crore.
GAIL Dividend History
The company has paid a dividend of Rs 6 per share in the last 12 months, which is a dividend yield of 5.4% given the current share price level. Adjusted for bonus and splits, the dividend yield is 3.6 percent.
Should you invest in GAIL?
In February, many brokerages recommended buying Gail India. CLSA has raised the target price (GAIL target price) for this by Rs 10 to Rs 125. HDFC Securities has set a target of Rs 110 and ICICI Direct has a target of Rs 115. Coming to the third quarter results, Gail India’s standalone profit fell 92 percent (y-o-y) to Rs 245 crore. The company’s revenue rose 37.2 percent year-on-year to Rs 35,380 crore in the third quarter.
The stock closed 0.41 percent lower at Rs 110.60 on the NSE on Monday. The stock is up 15 percent this year year-to-date. The stock is currently trading near its 52-week high of Rs 115.67 hit in April last year.
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